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return the value of the minimum wage after inflation to where it was in 1981 when ronald reagan came to office. studies that have looked at the effect of the minimum wage on employment find negligible effects of modest increases in the minimum wage, interestingly survey of economists done by the university of chicago found that half of the $9 hour minimum wage would have a negligible effect on employment. but would raise incomes of low wage workers and by a factor of four to one the economists supported the increase. >> rose: when you look at housing, what impact does it have? >> housing is one of the bright spots we're seeing currently in the economy. and we have a chart in the economic report of the president where we looked at how much overbuilding took place in the boon years. we estimated back in 1998 council of economic advisors estimated we needed 1.8 million new housing units based on family formation. yet we were building well over two million, two and-a-half million so we had this excess stock. then construction came almost to a grinding halt. we had been working off a lot
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